Introduction
Members of ASEAN+3 comprising ASEAN, China, Japan and Republic of Korea have grown rapidly over the last four decades, driven by the expansion of international trade and foreign direct investment. Over the last few years, the region has been experiencing close economic integration through the FTAs.
The ASEAN+ 3 process is seen as the main vehicle for achieving the long term goal of building an East Asia Community. ASEAN-China FTA which created an integrated market of 1.7 billion people was enforced in July 2005 while ASEAN-Korea FTA was implemented in June 2006. ASEAN-Japan FTA was signed in November 2007 and expected to be enforced end of 2008.
EABC fully supports the East Asia economic integration and particularly the proposed East Asia Free Trade Area which would lead to greater cross border flows of trade and investments within the region and strengthen economic relations among the countries.
ASEAN+3 Government Initiatives
1. Chiang Mai Initiatives
The Chiang Mai Initiative (CMI), launched on 6 May 2000 by the ASEAN+3 Finance Ministers to provide short-term financial assistance to Member Countries in need of temporary liquidity support...Read More
2. The Asian Bond Markets Initiative (ABMI)
ABMI was launched in December 2002. Since then, efforts have been made under six Working Groups to create an enabling environment towards fostering the development of bond markets in the respective ASEAN+3 Member Countries...Read More
3. ASEAN+3 Cooperation Fund
The ASEAN Plus Three Cooperation Fund (APTCF) was launched on July 22, 2008 with an initial contribution of US$ 3 million. China, Japan and Korea will each contribute US$ 900,000, and ASEAN will contribute US$ 300,000...Read More |